By 
NAICOM Grants Historic Licence to CBI Partnering Insurtech
The National Insurance Commission (NAICOM) has formally issued an operational licence to CBI Partnering Insurtech Ltd, officially recognising it as the first fully licensed Partnering Insurtech company in Nigeria under the country’s evolving insurance regulatory framework.
RELATED: AI: Insurance’s new operating system for 2026
NAICOM said the approval reflects its commitment to encouraging innovation in the insurance sector while safeguarding market integrity and protecting policyholders.
RELATED: How African market expertise with digital adoption is influencing global insurance strategy
Licence Issued Under Nigeria’s Insurance Reform Agenda
In a statement issued this week, NAICOM disclosed that the licence was formally presented during a handover ceremony, where the commission reiterated its focus on innovation-driven reforms and consumer protection.
The approval comes amid the ongoing modernisation of Nigeria’s insurance sector, anchored on the Nigerian Insurance Industry Reform Act 2025 (NIIRA) and newly introduced guidelines tailored specifically for insurance technology firms.
“This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem,” the commission stated.
Aligning Nigeria’s Insurance Market With Global Standards
Speaking at the ceremony, the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, said NAICOM is taking deliberate steps to align Nigeria’s insurance industry with international best practices.
Presenting the licence, Gam-Ikon described the approval as a milestone in the commission’s broader reform agenda.
“This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain. We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations.,” he said.
Governance, Compliance and Consumer Protection Emphasised
Gam-Ikon further stressed that the licence comes with clear obligations.
“This licence carries an obligation to uphold the highest standards of governance and ethical conduct. NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians,” he added.
What the New Partnering Insurtech Licence Means
NAICOM highlighted several key elements underpinning the approval and wider reform efforts:
- Regulatory Framework: The licence is issued under NIIRA 2025 and NAICOM’s specialised insurtech guidelines, creating a structured framework for technology-driven insurance operations.
- Partnering Model: Licensed partnering insurtech firms can manage customer onboarding, digital distribution, risk assessment, and policy administration, while collaborating with traditional insurers that retain underwriting responsibility.
- Strategic Objective: NAICOM aims to deploy artificial intelligence, big data analytics, and usage-based insurance models to significantly improve Nigeria’s historically low insurance penetration.
- Consumer Protection: Alongside insurtech licensing, NAICOM has updated guidelines for the Insurance Policyholders’ Protection Fund (IPPF) to strengthen market confidence and claims resolution mechanisms.
Boost for Nigeria’s Insurtech Ecosystem
The licensing of CBI Partnering Insurtech Ltd marks a major step in formalising Nigeria’s insurtech ecosystem, providing regulatory clarity for digital insurance models while balancing innovation with consumer protection.
Industry observers see the move as a signal that Nigeria is positioning its insurance sector for technology-led growth and deeper financial inclusion.
